Key factors of venture capital investments in Europe

The purpose of this master’s thesis is to identify key factors that influence venture capital investments in Europe. European venture capital investments have increased significantly especially between the years 2016-2021. However, current literature has mainly focused on the turn of the 2000s and h...

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Main Author: Leppälä, Eeli
Other Authors: Jyväskylän yliopiston kauppakorkeakoulu, Jyväskylä University School of Business and Economics, Jyväskylän yliopisto, University of Jyväskylä
Format: Master's thesis
Language:eng
Published: 2024
Subjects:
Online Access: https://jyx.jyu.fi/handle/123456789/98566
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author Leppälä, Eeli
author2 Jyväskylän yliopiston kauppakorkeakoulu Jyväskylä University School of Business and Economics Jyväskylän yliopisto University of Jyväskylä
author_facet Leppälä, Eeli Jyväskylän yliopiston kauppakorkeakoulu Jyväskylä University School of Business and Economics Jyväskylän yliopisto University of Jyväskylä Leppälä, Eeli Jyväskylän yliopiston kauppakorkeakoulu Jyväskylä University School of Business and Economics Jyväskylän yliopisto University of Jyväskylä
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description The purpose of this master’s thesis is to identify key factors that influence venture capital investments in Europe. European venture capital investments have increased significantly especially between the years 2016-2021. However, current literature has mainly focused on the turn of the 2000s and hence does not consider the period of rapid growth. This study examines key macroeconomic factors quantitatively by implementing panel OLS regression analysis. The panel data consist of 24 different European countries which observation points have been collected between 2012 and 2022. As a result of this study, it was found that shadow interest rate has significant and strong positive impact on venture capital investments especially when observing seed -and start-phase investments. Moreover, it is found that both high-tech exports and patents by origin county has small but statistically significant positive correlation on venture capital investments. The last significant robust observation is the significant positive effect between graduates in science and engineering and venture capital investments, especially when observing start and later -phase venture capital investments. Tämän Pro Gradu -tutkielman tarkoituksena on tunnistaa tärkeitä muuttujia, jotka vaikuttavat Euroopan riskipääomasijoituksiin (venture capital). Venture capital sijoitukset ovat Euroopassa kasvaneet vuosina 2016-2021 merkittävästi, mutta nykyinen kirjallisuus on keskittynyt pääsääntöisesti 2000 luvun vaihteeseen eikä näin ollen huomioi kasvun aikakautta. Tämä tutkimus tarkastelee makrotaloudellisten muuttujien vaikutuksia kvantitatiivisesti hyödyntäen paneeli OLS regressiomenetelmää. Paneeliaineisto koostu 24 eri Euroopan maasta, joista havaintopisteet on kerätty vuosina 2012–2022. Tutkimuksen lopputuloksena havaittiin varjokorolla olevan voimakas positiivinen korrelaatio venture capital sijoitusten kanssa, etenkin tarkastellessa sijoituksia siemen- ja alkuvaiheessa. Tämän löydöksen lisäksi havaittiin, että sekä maan korkean teknologian viennillä ja patenteilla on pieni, mutta tilastollisesti merkittävä positiivinen yhteys riskipääomasijoituksiin. Tämän tutkimuksen viimeinen merkittävä pysyvä löydös on, että tieteen ja tekniikan aloilta valmistuneiden ja venture capital sijoitusten välillä on merkittävä positiivinen vaikutus etenkin, kun tarkastellaan ajanjaksoa alku -ja loppuvaiheen sijoituksia.
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spellingShingle Leppälä, Eeli Key factors of venture capital investments in Europe Master's Degree Programme in Banking and International Finance
title Key factors of venture capital investments in Europe
title_full Key factors of venture capital investments in Europe
title_fullStr Key factors of venture capital investments in Europe Key factors of venture capital investments in Europe
title_full_unstemmed Key factors of venture capital investments in Europe Key factors of venture capital investments in Europe
title_short Key factors of venture capital investments in Europe
title_sort key factors of venture capital investments in europe
title_txtP Key factors of venture capital investments in Europe
topic Master's Degree Programme in Banking and International Finance
topic_facet Master's Degree Programme in Banking and International Finance
url https://jyx.jyu.fi/handle/123456789/98566 http://www.urn.fi/URN:NBN:fi:jyu-202411207399
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